ME Online Savings Account

ME Online Savings Account

Maximum Variable Rate

2.85

Standard Variable Rate

1.30

Earn a highly competitive 2.85% p.a. on your hard-earned savings (conditions apply).

  • Ongoing 2.85% p.a. variable rate (conditions apply)
  • Link to a ME Everyday account and make a weekly tap & go purchase
  • $0 Account keeping and transaction fees
  • Available on balances up to $250,000

Product details

Open a ME Online Savings Account as well as a ME Everyday Transaction Account and make a weekly Tap & Go purchase using your Debit Mastercard. To take advantage of the bonus interest rate, you'll need to link it with a ME Transaction Account within 14 days.

There is no minimum amount for the weekly purchase to receive the bonus interest rate with the ME Everyday Transaction Debit Mastercard using Tap & Go.

Product Name
ME Online Savings Account
Maximum Variable Rate
2.85% p.a.
Standard Variable Rate
1.30% p.a.
Bonus Variable Rate
1.55% p.a.
Introductory / Bonus Offer Conditions
To receive bonus interest for any calendar month you must have a ME Everyday Transaction Account and during that month make a weekly purchase with your ETA Debit Mastercard using tap & go. Bonus interest is only payable on balances up to $250,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$250,000
Joint application?
Yes
Minimum Age Requirement
12
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the ME Online Savings Account?

While comparing the benefits of ME's online savings account, keep the following features in mind.

Ongoing, variable interest rate of 2.85% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.

The bonus interest is only payable up to amounts of $250,000 on the first ME Online Savings Account you open unless it was opened before 10 August 2015. You must link to your ME Everyday Transaction Account and make a purchase using your debit Mastercard each week with Tap & Go.

Base interest rate of 1.30% p.a.

Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 1.30% p.a. applied to it monthly.

Previously held an ME Online Savings account before 10 August 2015?

You’re only eligible for the bonus rate upon request – speak to ME on the phone today!

How is my interest calculated?

Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000. You can compare savings accounts that award the maximum rate on balances greater than $250,000.

What if I've opened the savings account mid-month? Do I still get the bonus interest?

Unfortunately no, since you haven't met the weekly contactless payment requirement, you are not eligible for this month. However, you are still eligible to receive the bonus rate next month.

Are contactless payments actually safe?

Contactless payments are considered safe and are now rolled out on newly issued cards. For every transaction you make, your debit card generates a unique code that prevents you from being charged twice. The card has to be four centimetres away from the reader so people can't steal your information nor can you pay for other people's transactions.

If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions. Read our Contactless Payments guide for more information.

What kind of things can I purchase with tap & go?

Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.

How long does the bonus rate last for?

The bonus rate is currently ongoing, assuming you meet the conditions. It is a variable interest rate, so will most likely follow the RBA cash rate.

When does the weekly cycle start?

The weekly cycle starts from the first time you make your contactless payment. As long as you make a contactless payment every calendar week or every successive 7 day period, you'll be eligible for the bonus rate.

In summary, use it at least once every Monday to Sunday.

$0 Account management fees

There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.

$0 Transaction fees

ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

24/7 Online and phone accessibility

Your account information is available around the clock, allowing you to transfer money whenever you have need to.

$0 Minimum deposit

You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.

Deposit transactions

Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.

Withdrawal transactions

You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.

Is ME owned by one of the big four? How can they offer such good rates?

ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, it goes back to its members who are the account holders.

Does ME have any branches?

ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.

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Pros

  • Competitive ongoing interest rate of 2.85% p.a. if you meet the conditions
  • $0 Account keeping fees

Cons

  • Weekly tap & go purchase required to earn the bonus interest rate
  • Bonus interest rate applies up to balances of $250,000
  • ME Bank doesn't have any branches

How do I apply for the ME Online Savings Account?

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking ‘go to site’.

Eligibility to apply online

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
  • Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.

Documentation you'll need when applying online

If you are eligible, gather the following documentation and click the ‘go to site’ button:

  • Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
  • Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
  • Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.

What happens after I submit my application?

Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.














































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139 Responses

  1. Default Gravatar
    JacobJanuary 5, 2018

    I’m looking to switch banks, hoping to open an everyday transaction account with multiple linked online savings accounts. With ME will the 2.95% interest rate apply to any online savings account I open with them, or only the first account?

    • Staff
      JoanneJanuary 6, 2018Staff

      Hi Jacob,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      The ongoing, variable interest rate of 2.95% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.

      Best Regards,
      Joanne

  2. Default Gravatar
    BelindaJanuary 3, 2018

    I have $2,000,000 want to put it into an accessible bank account to be able to buy 2 homes in the next year. Looking for 2.8% or higher for whole balance and for it not to be just the first 3 months , ING and Commonwealth cannot do it as they have this cut out of balances over 100,000 or so then it reverts to 1% and 1.35%

    • Staff
      JoanneJanuary 3, 2018Staff

      Hi Belinda,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      Should you wish to check on other options, you may go ahead and visit this page and see if there would be any that would meet your needs. You may click on more info or go to site to get additional details.

      Cheers,
      Joanne

  3. Default Gravatar
    KennyOctober 21, 2017

    Hi I’ve got a few questions

    1. If I open up an account with ME, can I deposit funds from my other banks through online transactions directly? How long is process? Will there be any transaction fees incurred?

    2. Is the online savings account linked to everyday account automatically if I open them up simultaneously?

    3. Is it correct for me to assume that the transaction function of the everyday account is limited to transferring funds between accounts under ME?

    4. Are students under temporary graduate visa 48 eligible to open up the account?

    Thanks for your assistance.

    • Staff
      DanielleOctober 22, 2017Staff

      Hi Kenny,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      1. According to their website, you can make deposits whenever you like by transferring money from your nominated linked account using internet banking. You can also make deposits from an non-nominated account i.e. an account that is not currently linked to your Online Savings Account. You can open your account straight away online provided they can successfully ID you. ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.

      2. It is not stated if it will be linked automatically, but you will have the option to link your Online Savings Account to any other bank account in the same name (where your account is held in joint names your nominated account must also be in the name of the joint account holders).

      3. According to their FAQ’s, they only transfer money to and from Australian bank accounts.

      4. You need to be an Australian citizen, permanent resident or resident for tax purposes with an Australian residential address.

      I hope this helps.

      Cheers,
      Danielle

  4. Default Gravatar
    JaySeptember 29, 2017

    Hi The weekly tap and go requirement, does it have to be on a certain day of the week or any day of the week is fine? thanks

    • Staff
      RenchSeptember 29, 2017Staff

      Hi Jay,

      Thanks for your inquiry.

      Any day of the week is fine. You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.

      Hope this helps.

      Cheers,
      Rench

    • Default Gravatar
      JaySeptember 29, 2017

      Hi, what if i am overseas and can not tap&go, can i simply make a purchase with the card?

    • Staff
      RenchSeptember 29, 2017Staff

      Hi Jay,

      Yes, you can still make a purchase using ME Everyday Transaction Debit Mastercard. It’s up to you if you want to use the Tap & Go feature. Open a ME Online Savings Account as well as a ME Everyday Transaction Account.

      Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.

      Cheers,
      Rench

  5. Default Gravatar
    AbhishekSeptember 24, 2017

    Hi there,
    I was wondering where I can find information about the savings account with the 3.05% interest rate. I cant seem to find that information anywhere on your website.
    Regards
    Abhishek

    • Staff
      LouSeptember 24, 2017Staff

      Hi Abhishek,

      Thanks for your question.

      The current maximum variable rate for this account is 2.95% p.a.

      The 3.05% rate was the rate offered in the previous months.

      Cheers,
      Anndy

  6. Default Gravatar
    joanSeptember 15, 2017

    I have a small amount of savings to invest what is the best rate I can get

    • Staff
      JoanneSeptember 15, 2017Staff

      Hi Joan,

      Thanks for reaching out.
      Here is a link where you can check or compare options. The minimum deposit amount would also be indicated on that website.

      Cheers,
      Joanne

  7. Default Gravatar
    JohnAugust 29, 2017

    To qualify for the bonus interest rate i need to make one tap and go transaction once a week through a ME-transaction everyday linked account, what if my linked account is a non- ME bank account do i still receive the bonus interest rate?

    • Staff
      LouAugust 29, 2017Staff

      Hi John,

      Thanks for your question.

      Yes, you are correct in that you need to make a weekly tap & go with your ETA Debit Mastercard to receive the bonus offer.

      You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.

      I hope this helps

      Cheers,
      Anndy

  8. Default Gravatar
    JanetteJuly 22, 2017

    What is minimum age to open an ME bonus saver account? My grandson is 15.
    If cash to deposit how is this done? Through ATM?

    • Default Gravatar
      JonathanJuly 22, 2017

      Hello Janette,

      Thank you for writing to us today. :)

      The minimum age is 12. The account must be opened under your name (as a guardian) on trust for the child, meaning the child cannot operate the account on his own. If you wish to deposit cash on the account, you must nominate any Australian financial institution under your name or held in joint, to deposit or withdraw money from the ME Online Savings Account.

      Please refer to the Product Disclosure Statement located on the website for further details.

      Hope this helps.

      Cheers,
      Jonathan

  9. Default Gravatar
    JakeJune 29, 2017

    Are there ATM withdrawal fees?

    • Default Gravatar
      JonathanJune 29, 2017

      Hi Jake!

      The linked debit MasterCard for this account is $0 ATM access at over 3000 ATMs, including ME, Westpac, St.George, Bank of Melbourne and BankSA. It also offers refund any withdrawal fees at any other ATM in Australia within 30 days.

      You can contact ME to know more! :)

      Hope this helps.

      Cheers,
      Jonathan

  10. Default Gravatar
    newJune 14, 2017

    If I set up a savings account with an Everyday Transaction account, are they linked? This website says they must be linked to get the bonus interest. Do I need to do anything?

    • Default Gravatar
      JonathanJune 14, 2017

      Hi there!

      Thanks for reaching out.

      Yes, as long as you nominate your ME Everyday Transaction Account where the ME Online Savings can withdraw or deposit money at.

      Please refer to the Product Disclosure Statement of ME Online Savings Account, page 6

      3.12 You may change your nominated account, or the details of your nominated account, at any time by calling us. We will tell you what information we need and what to do. Your new nominated account or requested changes will not take effect until verified by us.

      Hope this clarifies,

      Cheers,
      Jonathan

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